In spite of the hike in real property gains tax (RPGT) and the higher minimum purchase price for foreigners, more foreign interest is expected, especially in the Greater Kuala Lumpur, Penang and Iskandar regions, he told an investment seminar.

“China, Macau, Hong Kong and Taiwan have even tougher tightening measures compared to Malaysia’s cooling measures which are relatively mild,” Tee said during the forecast talk yesterday.

He added property prices in some growth areas “have the potential to hit record highs”. “So, there are still lots of buying opportunities out there provided you know where to look,” said Tee.

He also said that there will be more choices for those purchasing property for

their own use, as prices are expected to correct slightly in residential and commercial areas.

Besides that, he expects the property market to be lifted up towards the end

of March, driven by investors and developers re-entering the market.

He said that large-scale projects by the government will be driving Malaysia’s growth in the next couple of years, adding that he is most optimistic of developments in Greater Kuala Lumpur and Melaka.